The Inventory Method That Assumes the Cost of the Ending

question 116

Multiple Choice

The inventory method that assumes the cost of the ending inventory consists of new inventory is:

• A)LIFO.
• B)FIFO.
• C)weighted-average.
• D)specific invoice.

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Definitions:

Medicare

A federal health insurance program primarily for individuals aged 65 and over, as well as for some younger people with disabilities.

Medicaid

A social health care program for families and individuals with low income and limited resources in the United States.

Marginal Tax Rate

The rate at which the last dollar of a person's income is taxed, demonstrating how much tax the individual will pay on an additional dollar of income.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by the government.